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In our previous analysis Must Read: Ethereum Breaking Out Right Now! Can Price Make New Highs? we talked about the converging triangle pattern playing out in the Ethereum 15 minutes timeframe and the bullish rally that might occur from it.
Less than 24 hours later, that bullish prediction is playing out perfectly with the Ethereum price currently pushing higher to the ATHs.
However, the Ethereum price might be running into a key resistance soon! And in this article, we will be talking about that $4,400 key level and how it might affect this bullish rally in the coming days.
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Ethereum $4,400 Key Resistance!
The $4,400 region is a key level the Ethereum price has been unable to break through both in the lower timeframe and the higher timeframe. This level also serves as the current Ethereum ATHs.
A price break and close above this level pushes the Ethereum price into uncharted territory and opens up the way for the bulls to rally into the $5k price region soon!
But the last Ethereum got to this level, we saw a massive dump in the price. And if history repeats itself, we might see this massive sell-off occur again very soon in the coming days.
This $4,400 key level paints a very bearish picture for Ethereum making it the best region to take profit from the market and stand aside to see how the price will interact with this region.
Final Verdict!
Ethereum is trading at a key resistance level in the 4-hour timeframe. If this level continues to hold, we might see a price crash in the Ethereum price soon!
The big question every crypto trader is asking now is “can the Ethereum bulls breakthrough this $4,400 resistance?”
A break above this resistance could open the way for Etrhereum to rally as high as $5k in the coming days.
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